PriyankaChicago, IL – September 13, 2024 – Zacks.com proudly reveals the latest compilation of stocks spotlighted in the Analyst Blog. Each day, Zacks Equity Research analysts provide insights into the latest developments affecting stocks and the broader financial markets. Recently, notable stocks featured in the blog include: Robinhood Markets Inc. (HOOD), Coinbase Global Inc. (COIN), NVIDIA Corp. (NVDA), Interactive Brokers Group Inc. (IBKR), and Block Inc. (SQ).
### Highlights from Thursday’s Analyst Blog:
#### Watch 5 Bitcoin-Centric Stocks Poised to Benefit from the Upcoming Rally
In the past one and a half months, the cryptocurrency market has experienced significant turbulence. Bitcoin (BTC), the world’s foremost cryptocurrency, reached an unprecedented high of $73,750 on March 14. However, the market downturn that began in early August led to substantial declines across cryptocurrencies, pushing Bitcoin’s price down to below $55,000. Currently, Bitcoin is trading around $57,940, reflecting a 21.4% reduction from its peak.
Despite these short-term setbacks, a long-term perspective is crucial for investors. The Federal Reserve appears to be nearing the conclusion of its high-interest-rate phase. Lower interest rates are advantageous for high-growth sectors like technology, consumer discretionary, and cryptocurrency.
We advocate for a buy-on-the-dip strategy for Bitcoin investors. Each dip in Bitcoin’s price represents a strategic buying opportunity, positioning investors for substantial gains once the Fed’s stringent monetary policies relax.
### Economic Indicators and Interest Rate Projections
Following a series of lackluster economic reports for July and August, particularly concerning the labor market, the CME FedWatch tool indicates a 100% probability of a 25-basis point interest rate cut in September.
For November, market forecasts suggest a 100% chance of a cumulative 50-basis point rate cut for the year and a 94.4% likelihood of a 75-basis point cut. By December, projections show a 100% probability of a 75-basis point total cut and a 79.7% chance of a full 1% reduction in 2024.
### Featured Stocks with Promising Bitcoin Exposure
#### Robinhood Markets Inc. (HOOD)
Robinhood Markets operates a comprehensive financial services platform in the U.S., enabling users to invest in stocks, ETFs, options, gold, and cryptocurrencies through its Robinhood Crypto platform. This includes trading Bitcoin, Ethereum, Dogecoin, among others. With a Zacks Rank #2 (Buy), Robinhood stands out as a promising investment.
##### Solid Price Appreciation Potential for HOOD Stock
Currently, brokerage firms’ short-term average price target for HOOD suggests a potential increase of 15.9% from its last closing price of $20.64, with target prices ranging from $9.5 to $32.
#### Coinbase Global Inc. (COIN)
Coinbase provides essential financial infrastructure and technology for the crypto economy on both national and international scales. It offers primary crypto accounts for consumers, liquidity pools for institutional crypto transactions, and supports developers with tools to build crypto-based applications and accept crypto payments securely. Coinbase holds a Zacks Rank #3 (Hold).
##### Astonishing Price Appreciation Potential for COIN Stock
Brokerage firms project an impressive 56.9% surge from COIN’s last closing price of $157.15, with target prices spanning from $160 to $345.
#### NVIDIA Corp. (NVDA)
NVIDIA is a titan in the semiconductor industry and a notable success story of 2023 and 2024. Renowned for designing advanced GPUs critical to data centers, AI applications, and cryptocurrency creation, NVIDIA’s stock tends to thrive during crypto market booms. NVIDIA carries a Zacks Rank #3.
##### Attractive Price Appreciation Potential for NVDA Shares
Brokerage targets indicate a potential rise of 38.1% from NVDA’s last closing price of $116.91, with estimates ranging from $90 to $200.
#### Interactive Brokers Group Inc. (IBKR)
Interactive Brokers Group is an automated global electronic broker facilitating cryptocurrency trades alongside commodities futures trading in cryptocurrencies. IBKR boasts a Zacks Rank #3.
##### Strong Price Appreciation Potential for IBKR Shares
Current brokerage firm projections suggest a 13.4% increase from IBKR’s last closing price of $122.77, with target prices between $100 and $180.
#### Block Inc. (SQ)
Block operates an innovative digital and mobile payment platform known as Square and Cash App, allowing users to trade Bitcoin seamlessly. Additionally, Block’s decentralized tbd platform enables developers to create decentralized finance applications on programmable blockchains. Block is also a major Bitcoin investor and currently holds a Zacks Rank #3.
##### Impressive Price Appreciation Potential for SQ Stock
Brokerage firms anticipate a substantial 41.2% increase from SQ’s last closing price of $63.38, with target prices ranging from $40 to $100.
### Conclusion
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Past performance does not guarantee future results. Investments inherently carry risk of loss. This material is provided for informational purposes only and does not constitute investment advice or recommendations.
Zacks Names #1 Semiconductor Stock
Zacks identifies an emerging semiconductor stock poised to capitalize on the explosive demand for AI, Machine Learning, and IoT technologies. The global semiconductor market is expected to grow from $452 billion in 2021 to $803 billion by 2028.
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### Access Free Stock Analysis Reports:
– Interactive Brokers Group, Inc. (IBKR)
– NVIDIA Corporation (NVDA)
– Block Inc. (SQ)
– Coinbase Global Inc. (COIN)
– Robinhood Markets Inc. (HOOD)
The opinions expressed are those of the author and do not necessarily reflect Nasdaq, Inc.’s views.
